Online Personal Finance Management Tools: How they Help You

Posted: 29th August 2014 09:35

By Webb Ward
In the wake of the ongoing economic meltdown, it has become all the more important for us to keep track of our personal finances. Perhaps, the existence of the online personal money management tools makes life a little easier. The PFM or Personal Finance Management technology guarantees that we take control of our expenditures (as far as it is practically possible) with the same degree of simplicity with which we can access books and movies online. Those who have graduated from the traditional to the modern (read online) means of money management can vouch for their merits. However, those who are yet to use the PFM technology, it’s time for them to get a heads up. So, here it is!

The benefits of the online finance management platforms might vary, with some of them adding some extra features to step up their appeal among users. Still, there definitely are certain features common to them all.

Easy Access
One of the major merits of using these tools is the convenience of access. If you are using money management software on your smartphone then you can easily enter the relevant transactions while you are standing in a parking lot or inside a lift or in the grocery. It is really important for the user to synchronize his desktop software with that of the mobile data. It helps you to see reports even when your mobile is damaged.

Various Tools to Serve you
The availability of various tools dedicated to separate aspects of your finance is a huge plus. So, where on one side you have the monthly budget tools offering you the chance to conduct in-depth analysis of your monthly finances, you also have other tools helping you to obtain the value of your net worth.

The monthly budget tool will enable you to enter your monthly earning and expenditures to see what’s left. The tool that gives you a glimpse of your net worth, also shows your financial progress over a period of time. With a portfolio manager, you can actually simplify the process of tracking the multiple investments of your at the same time.
There are various platforms which allow you to link accounts by incorporating Personal Finance Management Tools with other accounts. So, you can basically find all the necessary information in a single place. You can view transactions related to different accounts such as 401 (k), savings, brokerage, investment, utilities etc in an organized fashion.

Please remember that PFM or personal finance management tools only help you with figures--- for instance, you can get an idea of your monthly budget, net worth and organize multiple account information in a hassle free fashion. However, you cannot expect them to aid you with ways of saving money. Figure that out yourself. So, make sure that you are sticking to all the lessons learn in childhood—have a saving goal each month, separate your basic and luxury expenses, use Nordstrom discounts or promo codes while shopping, shop more when there are discounts, have an emergency cushion ready etc



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